On 6 April, the following changes were made to the lending criteria for LV= lifetime mortgages.
In summary:
- Our previous maximum acreage was 5. We will now look by exception at properties with up to 15 acres.
- We will now be able to consider annexes where family reside in the annexe on a full-time basis
- Flats/apartments in a building with more than 4 storeys and no lift are no longer permitted.
- We require customers to have a 36 month UK residency history.
Acreage
Our previous maximum acreage was 5. We will now look by exception at properties with up to 15 acres. Please note, the valuation figure will only be based on 5 acres of land.
Please refer these cases to us by exception where possible. Our Equity Release Portal will automatically decline any acreage over 5, so if you are submitting through the Equity Release Portal, please select 2-5 acres in the drop-down, as this is what lending will be based on.
Annexes
Previously annexes could not be occupied on a full-time basis. We will now be able to consider annexes where family reside in the annexe on a full-time basis. Please note, formal letting is still not permitted and this is subject to usual annexe terms being met.
Storeys
Flats/apartments in a building with more than 4 storeys and no lift are no longer permitted. We could previously make an exception if the property was located on the basement or ground floor, however we are no longer able to do so. If the property has 5 or more storeys and no lift, it will be declined regardless of which floor the property to be mortgaged is located on within the block.
Residency
We require customers to have a 36 month UK residency history. If for any reason this is not possible, please refer to us to see if we may be able to assist.
For more information, contact the LV= equity release team:
Call: 0800 028 8974 (option 1)
Visit: www.lvadviser.com/equity-release
Email: equityrelease.sales@lv.com
